Intrinsic has announced plans to acquire Sesame’s financial adviser school for an undisclosed sum.
Sesame Bankhall Group announced in April it was closing its Financial Adviser School following the decision to scrap its investment advice network.
Intrinsic chief executive Richard Freeman told members at the network’s annual conference yesterday that it is advanced talks to acquire the school.
Old Mutual Wealth, which owns Intrinsic, will continue to provide exam support to advisers through its Investment Academy, for those studying towards the AF4 investment planning qualification.
The Financial Adviser School launched in 2011 to provide academic and soft skills training for those looking to become an adviser. Candidates study over 18 months to attain the Chartered Insurance Institute diploma in regulated financial planning, and the CF6 mortgage advice qualification.
Several businesses said they would be prepared to enter talks to save the Financial Adviser School in the wake of Sesame’s closure.
But SBG executive chairman John Cowan said this was just “noise” and no-one had come forward to save the school.
Intrinsic chief executive Richard Freeman says: “Our planned investment in the Adviser School is a real signal of our long-term commitment to broadening access to financial advice in the UK.
“The Financial Adviser School has been a hugely successful innovation pioneered by Sesame, which they are rightly very proud of. We are grateful for the time and effort they have put into the project and we are extremely pleased to have the opportunity to build on that success and continue to support the staff and students currently involved in the Financial Adviser School.”
SBG executive chairman John Cowan says: “We are proud of the contribution made by the Financial Adviser School and we are pleased its future has been secured under Intrinsic’s ownership.
“There are now over 100 alumni delivering professional advice in firms across the country as a result of this initiative and today’s announcement means it will continue to go from strength to strength”.
As at August, SBG said out of 350 member firms, 150 have decided to move to SBG’s “preferred network partner” Intrinsic. Some 105 firms are going DA with support from Bankhall, and 55 are either leaving to go to another network or leaving the industry.
The remaining 40 firms have decided to reduce their regulatory permissions and will become part of Sesame’s mortgage and general insurance arm.